Quotessence
Home / Quotes / Quote by Paul Krugman

Quote by Paul Krugman

“[I]f one asks what substantive contributions [F. A. Hayek] made to our understanding of how the world works, one is left at something of a loss. Were it not for his politics, he would be virtually forgotten.”

Quote by Paul Krugman

Create image

Author

Paul Krugman
Paul Krugman

Paul Krugman is a renowned economist known for his contributions to macroeconomic policy and international trade. He won the Nobel Prize in Economics in 1991 and is considered one of the leading figures in the New Keynesian economics school. more

You May Also Like

“In philosophical terms, the opposite of rationalism is not irrationalism but empiricism, that is, a willingness to form beliefs on the basis of experience rather than from a priori deduction. Empirical evidence never yields the dogmatic certainty that accompanies logical deduction.”

FormBeliefTermEvidenceOppositesBasesPhilosophicalLibertarianCertaintyLogicalWillingnessYieldAccompanyRationalismDogmaticDeductionsEmpiricismEmpirical Evidence
Author:John Quiggin
Create image

“The absurdity of public-choice theory is captured by Nobel Prize-winning economist Amartya Sen in the following little scenario: "Can you direct me to the railway station?" asks the stranger. "Certainly," says the local, pointing in the opposite direction, towards the post office, "and would you post this letter for me on your way?" "Certainly," says the stranger, resolving to open it to see if it contains anything worth stealing.”

IfsWayLittlesChoicesAsksWinningTheoryOfficeDirectLettersOppositesFollowingStrangerLibertarianStealingLocalsPostsPrizeStationsAbsurdityEconomistPointingScenariosCapturedNobelNobel PrizeRailwayPost OfficeRailway StationPrize Winning
Book:All you can eat: greed, lust, and the new capitalism
Create image

“Throughout the history of the Internet, most of the innovation has come as a by-product of efforts to facilitate communication within social groups of various kinds (academics, bloggers, peer-to-peer file sharing), rather than as the result of profit-oriented investment. Rather than taking the lead, the business and government sectors have adopted innovations developed in Internet communities, and realised significant productivity gains as a result.”

KindGovernmentSocialCommunityResultsEffortGroupsProductsCommunicationInternetGainsInnovationInvestmentProfitVariousLibertarianProductivitySignificantPeersAdoptedFilesRealisedFacilitateBloggersSocial GroupsFile Sharing
Author:John Quiggin
Create image

“Liberty and equality, spontaneity and security, happiness and knowledge, mercy and justice - all these are ultimate human values, sought for themselves alone; yet when they are incompatible, they cannot all be attained, choices must be made, sometimes tragic losses accepted in the pursuit of some preferred ultimate end.”

HumansMadeEndsSometimesValuesChoicesJusticeLossLibertySecurityMercyUltimateLibertarianAcceptedPursuitTragicSpontaneityHuman ValuesLiberty And EqualityTragic Loss
Book:The Power of Ideas
Create image